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Financial Beacon

Making Up For Cuts in Social Security

Published on Thursday, May 17 2012 01:00

By Doug Carey

Have you heard the latest news on social security? The social security trust fund will be short on funds three years earlier than last projected. The retirement and disability fund is now projected by the Social Security Board of Trustees to be short on funds starting in 2033. By law this means that all of those who receive benefits will have their benefit payments cut by an amount necessary to restore the fund to solvency. This is

What Happens if Your Social Security or Pension Benefits Are Cut?

Published on Thursday, February 16 2012 10:34

By Doug Carey

Last November American Airlines filed for bankruptcy protection. Many of American’s employees are in a defined-benefit pension plan, which means American Airlines promised them a certain amount of money each year in retirement, regardless of what the markets do. But promises such as this are fleeting, as can be seen by the infighting going on now between employees of the airline and executives.

Three Pitfalls to Avoid When Retirement Planning

Published on Wednesday, January 18 2012 09:10

By Doug Carey

It is never too early to start thinking about how you might prepare for your retirement years. Unfortunately, many people don’t really sit down and go through any sort of analysis until they’re in their 50s or even later. For those who would like to plan ahead, there are multiple ways to help set yourself up for a secure retirement later. There are also traps that many fall into Here are three of them to avoid.